MYDA Advisors LLC Boosts Stock Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

MYDA Advisors LLC raised its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 17.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 200,000 shares of the company's stock after purchasing an additional 30,000 shares during the quarter. MYDA Advisors LLC owned about 0.17% of Arcutis Biotherapeutics worth $2,786,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in ARQT. Simplify Asset Management Inc. acquired a new position in shares of Arcutis Biotherapeutics during the fourth quarter worth about $10,340,000. Jennison Associates LLC boosted its holdings in Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company's stock valued at $171,893,000 after purchasing an additional 676,295 shares during the last quarter. Norges Bank purchased a new position in Arcutis Biotherapeutics in the fourth quarter valued at about $7,422,000. Privium Fund Management B.V. acquired a new stake in Arcutis Biotherapeutics during the 4th quarter valued at approximately $4,537,000. Finally, First Trust Advisors LP purchased a new stake in Arcutis Biotherapeutics during the 4th quarter worth approximately $3,665,000.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $12.71, for a total value of $127,100.00. Following the completion of the transaction, the director now owns 141,944 shares of the company's stock, valued at approximately $1,804,108.24. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Masaru Matsuda sold 8,338 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $12.70, for a total transaction of $105,892.60. Following the sale, the insider now owns 178,692 shares in the company, valued at approximately $2,269,388.40. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,099 shares of company stock worth $631,256. 9.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Jefferies Financial Group raised their price target on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research report on Tuesday, March 11th. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, April 9th. The Goldman Sachs Group boosted their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, February 27th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. One analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $18.80.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $13.01 on Friday. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The business has a 50 day moving average of $14.33 and a two-hundred day moving average of $12.72. The company has a market cap of $1.54 billion, a P/E ratio of -7.27 and a beta of 1.67. Arcutis Biotherapeutics, Inc. has a 52 week low of $6.99 and a 52 week high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.19. The firm had revenue of $71.36 million for the quarter, compared to analyst estimates of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.

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